Dowrick, SteveGemmell, NormanAustralian National University. Centre for Economic Policy Research2025-07-232025-07-237315020270725-430xhttps://hdl.handle.net/1885/733767166William Baumol (1986) examines the growth performance of some 60 capitalist economies for the period 1950-80 and concludes that there were three 'clubs': the relatively rich industrialized economies experienced average rates of growth of per capita GDP of 3.1 percent per annum; the middle-income market economies grew at about 3 percent per annum; but growth averaged only 1.5 percent per annum for the poorest group of countries.38 p. ; 21 cm.en-AUAuthor/s retain copyright1989-09